Rising Skyscrapers boost elevator industry

Construction of skyscrapers is suggested as the sole option for meeting the increasing housing demand. Although it is suggested in view of meeting the housing demand, many other industries like elevator industry are boosted by this.

According to the developers as well to the experts, skyscrapers are the best option for meeting the housing demand. The land has become a rare material. In most of the cities there is no more land available for residential development.

All the more, the available land parcels are priced really higher. While many of the developers say that the property prices are increasing due to the sky reaching land prices, they point out that this can be overcome only with skyscrapers.

The experts say that skyscrapers have become a necessity. Vertical development has become the latest trend in the residential market; see how the demand for high rise apartments is rising.

Along with the construction of skyscrapers, many industries are growing. One of the main industry which really benefits with this is elevator industry.

In the opinion of the experts, elevator industry is growing by 40% on year to year basis. They predict the growth rate to be more in the coming years.

If earlier skyscrapers were built only in the commercial sector, now there are many skyscrapers in the residential sector as well.

Developers say that, due to the higher level of migration to the top cities, there is no place for them to develop homes. Thus they are forced to go for vertical constructions.

Moreover, as these homes are less costly, they are more on demand. This will benefit the affordable housing segment. However vertical development is possible only if the FSI is raised.

BN Sharma of Indian Elevator Company said that there is huge demand for elevators in Noida. Divine Right Elevator’s MD Manoj Tyagi also approves the opinion. They say that the demand for elevators is raised by both housing and commercial sectors.